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The EUR/USD pair has snapped two straight weeks of gains, and now drops 0.42%. The common currency is trendless, within the boundaries of 1.0096-1.0278.
From a daily chart perspective, the EUR/USD might probe the 1.0096 low before a re-test of YTD lows below the parity level. The EUR/USD slumps late as Wall Street close looms, down by 0.62%, battered by an upbeat US employment report that bolstered the US dollar while increasing the odds of another “jumbo” rate hike by the Fed in the September meeting. Meanwhile, the EUR/USD Is trading at 1.0180 at the time of writing.
The Euro daily chart illustrates the pair consolidating within the 1.0096-1.0278 area. Although the US Nonfarm payrolls report underpinned the US dollar, the EUR/USD stood tall and bounced off the daily low of 1.0141, reclaiming the 20-day EMA.
The major is subject to selling pressure, as the RSI shifted gears, aiming downwards, and crossed below its 7-day SMA, opening the door for further downside.
